Mortgage Programs For Veterans And Military Personnel
Veterans Day recognizes and gives thanks to all those who have sacrificed to defend our nation’s freedoms. For those who serve, making the transition from an overseas deployment mission back to a stateside assignment—or back into civilian life, poses unique demands for our men and women in uniform, their families, and veterans.
Let’s take a look at two mortgage programs offered through PenFed and the PenFed Foundation that make a difference in the lives of our country’s defenders—programs that turn the dream of homeownership into reality.
PenFed Foundation: Dream Makers
In December 2001 PenFed founded the PenFed Foundation, a nonprofit organization working to ensure that those who selflessly devote their lives to the defense of our country have the resources they need to secure their financial future. The foundation provides service members, veterans, their families, and support networks with the skills and resources they need to improve their lives through programs on financial education, credit-building, homeownership, and short-term assistance.
One such resource is the foundation’s Dream Makers program, which offers matching down payment and closing costs assistance grants to qualifying low-to-moderate income service members and veterans who are buying their first home. You don’t have to be a PenFed member to benefit, as you can apply the grant to a mortgage from any financial institution.
Qualifying for a Dream Makers grant
To qualify for a Dream Makers mortgage grant, you must meet these eligibility requirements:
- Be active duty military, Reserve or National Guard, or a military veteran.
- Be a first-time homebuyer or have not owned a home for the last three years or lost your home through divorce or disaster.
- Have a gross annual income of no more than 80% of the area’s median income, adjusted for household size; check income limits based on household size for the state and county in which you’re planning to buy.
- Have received mortgage prequalification or preapproval letter from any lender.
VA-backed mortgages for military veterans
The purpose of the VA Home Loan program is to help servicemembers, veterans, and eligible surviving spouses become homeowners.
If you haven’t been able to save up for a home purchase, a VA mortgage could help you buy a home without a down payment. And your monthly payments will be smaller because you won’t be required to pay private mortgage insurance (PMI), which mortgage lenders require for anyone buying a home with less than a 20 percent down payment. Since VA mortgages are backed by the U.S. Department of Veterans Affairs, one of the attractive benefits to a VA mortgage is that the PMI requirement is waived.
PenFed VA mortgage financing: Where the difference begins
When you’re ready to buy a home, turn to a lender like PenFed that proudly offers VA mortgage loan financing. With a PenFed 15-Year or 30-Year VA Fixed Mortgage, you’ll benefit from long-term, stable payments, higher loan limits, and low or no down payment for home purchases and refinancing.
In honor of Veterans Day, thank you for all that you do for our country!